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Great Wall Motor, the automaker controlled by China’s richest auto billionaire Wei Jianjun, has announced the “deferral” of deliveries of a key new premium SUV model, the latest sign of trouble at some of the country’s largest non-government-owned motor vehicle manufacturers.

Customers of the company’s troubled Haval H8 reported “some knocking noises in the transmission system when running at high speed,” according to an announcement at the Hong Kong Stock Exchange, where trading in the company’s shares was suspended today.

The problem reflected “deficiencies in research and development" as well as in "technical management of high-end products,”Great Wall said. “As such,” the company has “decided to further rectify Haval H8, which will not be launched unless it is of premium standard.”

Great Wall’s shares have lost 5% in the past year in Hong Kong. They also trade in Shanghai.

Relatively young, private-sector Chinese automakers have been struggling of late to compete against larger rivals backed by foreign manufacturers including Ford and GM. Among them, BYD, the Chinese manufacturer of autos, batteries and phone components 10% owned by Warren Buffett’s Berkshire Hathaway, said last month its net profitplunged in the first quarter amid a decline in sales. BYD eked out a profit of 12 million yuan, or $1.9 million, a drop of 89% from the 112.4 million yuan a year earlier. Sales fell 9% to 11.7 billion yuan. Buffett’s Berkshire Hathaway bought a nearly 10% stake in BYD in 2008.

The stakes are big for Wei, Buffett et al: China today is the world's largest auto market, and the competition is as brutal as its heft.